Smart Data Foundry and NayaOne forge financial innovation partnership

06 Mar 2024

Digital transformation platform provider NayaOne has partnered with Smart Data Foundry, a provider of synthetic data sets, to unlock new possibilities for accessing data within a secure environment designed to drive financial innovation.

The partnership involves the integration of Smart Data Foundry’s ‘aizle’ synthetic data sets into NayaOne’s Digital Sandbox.

This integration enables users to securely access synthetic data sets alongside data interrogation tools, all within a controlled environment.

The collaboration also supports cloud deployment of APIs, allowing for customer data calls while maintaining control over sensitive information, which results in accelerated innovation and reduced regulatory risk, and security of sensitive data assets.

NayaOne CEO Karan Jain

Both companies aim to foster a dynamic ecosystem for financial institutions and fintechs, facilitating the acceleration of digital transformation and innovation in the financial services industry.

Bryn Coulthard, chief product and technology officer at Smart Data Foundry, said: “The integration of aizle’s AI-simulated synthetic data into the NayaOne Digital Sandbox is a gamechanger for safe collaboration.

“Together, Smart Data Foundry and NayaOne are forging a path towards a future where innovation is not hindered by data privacy concerns, but rather fuelled by data-driven insights and collaborative innovation.”

Karan Jain, chief executive officer of NayaOne, eadded: “I’m delighted to combine the strengths of Smart Data Foundry’s industry leading synthetic data with the security and versatility of NayaOne’s platform.

“Together, we can help drive innovation across the financial services ecosystem.”

NayaOne recently secured $4.7 million in a funding round led by EJF Capital, which will be used to fund the next phase of its growth.

In 2023, NayaOne won the Financial Conduct Authority’s tender to build and operate a permanent ‘Digital Sandbox’ service.